JPMorgan saw a 52% annual boost in profits and record revenue in the first three months of 2023.
Deposits
at JPMorgan grew by $37B from December to the end of March as
depositors fled smaller regional banks following the collapse of Silicon
Valley Bank and Signature Bank in early March.
- JPMorgan had a net income of $12.62B, or $4.10 per share, in Q1; up from $8.28B and $2.63 per share a year earlier.
- Quarterly revenue reached $38.35B, a 25% increase from a year prior.
- JPMorgan's net interest income —
income from loans minus interest paid out to depositors — surged 49% to
a record $20.71B, while lending income more than doubled.
- JPMorgan stock rose 6.7% after the results were published.
- Citigroup also beat earnings expectations in Q1 despite seeing its total deposits drop by 3% from the previous quarter.
- The bank stock gained 4% on Friday.
